News Releases

CALGARY, ALBERTA - Nov. 3, 2004 /CNW/ - Newalta Income Fund
("Newalta") today announced that management will hold its quarterly
conference call on Thursday, November 11, 2004 at 3:00 p.m. Eastern
Time.

The call will be hosted by Al Cadotte, President and Chief Executive
Officer, and Ron Sifton, Senior Vice President, Finance and Chief
Financial Officer.

To participate in the teleconference, please call 1-800-814-4861 or
416-640-4127. To access the simultaneous webcast, please visit
www.newalta.com. Participants will require RealPlayer to listen to the
webcast, which can be downloaded prior to accessing the call.

For those unable to listen to the live call, a taped broadcast will be
available at www.newalta.com and, until midnight on November 18, 2004,
by dialing 416-640-1917 or 1-877-289-8525 and entering the pass-code
21099587#.

Newalta Income Fund is an open-ended trust that maximizes the inherent
value in certain industrial wastes through recovery of saleable products
and recycling, rather than disposal. Through an integrated network of 40
state-of-the-art facilities, Newalta delivers world-class solutions to a
broad customer base of national and international corporations, in a
range of industries, including the automotive, forestry, pulp and paper,
manufacturing, mining, oil and gas, petrochemical, and transportation
services industries. With a track record of profitable growth and
environmental stewardship, Newalta is focused on leveraging its position
in new service sectors and geographic markets from coast to coast.